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than what people are getting -- >> on social security. that's nothing to did with the deficit. >> but the fact that all of these things need to believe in the grand bargain, sort to speak -- >> they do not. social security shouldn't even be on the table because it is nothing to do with the deficit. doesn't contribute to the deficit. and we're talking about the deficit. why should social security be discussed in that context? >> completely off the table? >> absolutely. absolutely. and that was the -- and that was our position during the campaign. social security has nothing to do with the deficit. does not contribute to it. walled off from it. its own trust fund with $2.7 trillion in it at the moment. and the american people by huge majorities say we shouldn't be cutting social security or for that matter medicare benefits. you can cut medicare in ways you don't cut benefits and the hypocrisy of republicans that said that democrats are terrible because they took $716 billion from medicare for obama care and what do we want to do? pocket the cuts and add more. our chief demand i
taxes. if the goal is to reduce the deficit, their goal of cutting taxes is not relevant to that goal so there's no overlap of potential agreement here. that's why there's no deal. >> let's take a listen to a very conservative retiring senator said, soon to be former senator joe lieberman, who is respected and seen as a deal maker. what we need right now is a deal. let's take a listen to something he just said. >> if we allow that to happen, it will be the most colossal, consequential act of congressional irresponsibility in a long time, maybe ever in american history. >> joy, i think what he's saying there and going over the cliff is not that this would be the worst thing congress has done on an objective scale, but the notion of doing something so bad for no reason is pretty frustrating, isn't it? >> i disagree with his characterization it would be the most irresponsible thing. i think messing around with not raising the debt ceiling and risking the default on the american debt was probably the most irresponsible thing we've seen this congress do, but the thing we need to remember, thi
have a $16 trillion deficit right now. we have the deficit because of social security, medicaid, medicare, welfare, food stamps -- all policies put into effect by the democratic party. everything is socialism. thomas jefferson said it best -- the republic is doomed. people sacrifice -- i'm a libertarian. i am more objective. i'm not a republican or democrats. i have to wonder if i want to live in this country. 29% of americans got some kind of assistance when ronald reagan was president. i have to consider and i'm considering moving to a tropical island and watching america go down the drain. we need to abolish social security, medicare, and medicaid. host: i will stop you there. we appreciate your thoughts. joseph says -- will go back to stay but by the president on the passing of norman schwarzkopf. host: "his legacy will e ndure." back to your calls. caller: good morning. god bless us. [indiscernible] where is the love? .e're at a church when the president and everybody was running. the church was all over the program. we're in the church. do you know what happened? when we f
of these politicians, mayors, governors should take a half cut pay to pay down the deficit. host: we are going to move on to darwin on the line for independents. caller: it is like the pentelikon, back in 1968 i was even fighting with the pentagon over budgets. you always had to have everything kept the same. nobody was going to change anything because next year there were going to pop everything by 10%. they told you got to worry because you would get 10% more. that goes all the way back to 1968. they just keep dwelling on one thing over and over again. i would like to know from the boston globe or the herald is asking for pictures of -- host: let's move on to del on the line for democrats. caller: this is an outrage that they cannot tax the wealthy by an additional 4%. this is the lowest tax rates that have ever paid in the united states. considering that their incomes are vast compared to what they used to be many years ago when they paid a much higher rate, they are wealthy and they do not want to pay. 4% does not amount to enough to affect the deficit. maybe we ought to consider 15% or something
reduces the deficit $23 billion. the last farm bill that we passed was completely paid for at my insistence, as budget committee chairman. if everybody else were functioning the way the agriculture section has, we would not have a problem. we in the agriculture committee face up to reality. we had more pay-for spend expenses. -- baena expenses. i think it demonstrates this is possible to do. by you've got to have leadership. and you've got to have people who are willing to make some tough decisions to get it done. >> we have about five minutes. you have decided to leave your papers to george washington university. why is that? >> i went to george washington university and got my master's in business there. they are tremendous resources there to take advantage of this collection, which is really loaded with history. >> what kind of things will researchers and historians find in your papers? >> they will find that kent conrad has had a single-minded focus on fiscal responsibility for 26 years. my staff says a remarkable thing in looking at this collection is how consistent i've bee
: will that tax solve the deficit spending? >> it will if you include 2%, 250,000 for couples, 200,000 for individuals and above. you start taxing capital gains and dividends, reinstate that and get rid o $109 billion in corporate taxes every year. you're looking it over $300 billion. ." tom: upside-down by trillion closet -- a trillion dollars. not even close to fixing the deficit spending. still adding to the debt under republican and democrat programs >> this kind of class warfare rhetoric is serving a purpose. the reality is the proposed tax increases will fund the federal government for approximately eight days. it might make people feel good and that's a reason to pass it. frankly, i don't hear any politicians talking reality but the fiscal problems facing the country which is democrat or republican. tom: do you have any hope that the blame game can be put aside so they can get some work done? in the private sector these people would be fired. >> absolutely. this is a do nothing congress, the least active in four years when it comes to policy making, and the reason we are her
at the deficit of this year and looking at deficit of that size as far as the eye can see and not how to put together a minor package as chuck was talking about. this is the larger deal. the problem you have, obviously, not much time so i think you're likely to see a two-step process here. dealing with the immediate dynamics to, in fact, set up a situation to deal with the larger situation. but ultimately, here, the other element to occur is this is a real negotiating process. i have to say i was disappointed in the president when he used this line, when the speaker said to him, hey, i'm giving you $800 billion. what do i zbhet the president's response was nothing. the white house has to come up with -- >> the response of the white house is times is different. 2011 is 2011. doesn't speaker boehner get less out of a smaller deal? >> no, no. i think he wants a larger deal and going back to august of 2011, they were -- they got very close to the large deal. richard, pushing back in terms of a little bit in terms, look, this is a negotiating process. one side can't say you get nothing after you
for the country is economic growth and reducing unemployment versus 19% for reducing the federal budget deficit. tax reform and to end the washington gridlock is also on the wish list, michelle. >> mine, too. >> thanks, hampton. >>> once again, the big story tonight, no fiscal cliff deal and not even a new offer from the white house. three days to go. president obama asked the senate leaders to try to make a deal. we'll get more on all of it from washington next. so, this board gives me rates for progressive direct and other car insurance companies? yes. but you're progressive, and they're them. yes. but they're here. yes. are you...? there? yes. no. are you them? i'm me. but those rates are for... them. so them are here. yes! you want to run through it again? no, i'm good. you got it? yes. rates for us and them -- now that's progressive. call or click today. ♪ ♪ [ male announcer ] everyone deserves the gift of all day pain relief. this season, discover aleve. all day pain relief with just two pills. >>> welcome back to "the kudlow report." i'm michelle caruso-cabrera in for larry ku
but the debate over the deficit and the debt that is behind this? >> well, if you go back to 2001 and thereafter, the cost of the war was not included in the budget except the military and the defense budget. but the additional costs were not reflected in the budget. there were always supplementals. so they didn't show as a deficit. a vendor ackley to the debt. so while the budgets were reasonable in that period of time, the actual spending didn't show in the budget and people didn't pay as much attention to the debt as they do today because it kept mounting and so we borrowed to pay for the war and in fact we didn't ask people to make sacrifices financially. >> there is a difference between borrowing in the future, paying for work and paying back words, we are having to pay right now. people might have felt differently if they had felt the pinch right at that time. we would have asked different questions and were asked, and i think that is one of the reasons we got where we are. and it's where we are. >> on appropriations could you have been any more vocal about it to provide us getting into t
taxation by using a flat tax. that way you can calculate the amount of taxes we need for the deficit over 10 years. another point is to control the spending on entitlements by not giving millionaires social security benefits, thereby satisfying president obama's approach. instead of doing it through taxation, he can do it through the entitlements. guest: those are both ideas that have been raised, especially the social security and medicare benefits for the wealthy and potentially might not need them to live off of. one tricky part of that is wealthier americans have been paying these taxes for decades into social security and medicare if and a lot of folks have a problem with the idea of taking away their benefits they have paid for if just because they happen to be more well off. and issued the first caller raised and something to watch is this could really sort of set the tone for the president's second term. if this thing gets ugly and stays ugly, it's probably going to stay that way at least another year or two, and the next thing you know, he's a lame duck president. if we cut a dea
deficit in this country is rising health care costs. do we need to tackle those? how do they interact with the changes that are going to be set up across the country. is it going to cost the taxpayer more or less? all those have to be in the realm of realistic facts and figures. >> you're in arizona today. many of your constituents worked over the holidays. do you think congress should have stayed in washington to work together for an agreement? >> absolutely. absolutely. once you know, once the boehner plan b collapsed, all we got was a notification, you can go home, we'll call you when we're ready. >> boehner's got to get off the majority of the majority must agree to something. it's going to take democratic votes to pass a tough fiscal compromise and unless there is inclusion and discussion on both sides of the aisle about this issue, that compromise gets tougher and tougher. >> thank you for coming "outfront." >> appreciate it. thank you. >> now, on the other side of the aisle. congressman, you just heard your arizona colleague say you all should have absolutely stayed in d.c. and
were a member of the bowles-simpson deficit commission and voted for the final report. let's remind people. that proposed almost $3 trillion in spending cuts. president obama's last offer, the one that the republicans rejected, was less than $1 trillion in spending cuts. we checked. that would be less than 2% of the $44 trillion the government will spend over the next decade. again, is that the best democrats can do? 2% of all the spending over the next decade? >> you know, this conversation means exactly what is wrong in washington. i mean, just listen to the conversation you just had. it is he said/she said, blame the other guy. and, look, i tried to be constructive here and lay out an actual plan to get us nearly $4 trillion, by taking the offers that are on the table. speaker boe president were so close and then speaker boehner went off on plan b. i never understood why. had no prospect of succeeding. it did not succeed, even in his own caucus. but now -- >> you are not answering my question. >> yes. because i'll tell you, something, because we only have nine days left here. whe
on both growth and deficit reduction. >> the president's solution of raising tax rates would be red ink as far as the eye can see. and it would hurt jobs. >> if congress fails to reach any agreement in con-- income tax rates will go up on about everybody on january 1st. unemployment benefits will expire for many as well. >>> the u.s. senator arrested for driving under the influence says he is "deeply sorry" for what happened. police say that michael crapo was pulled over early sunday in dc for running a red light. he he was arrested after failing a sobriety test. he has been released on bond and he is a mormon from idaho and has said in past interviews he abstains tans from drinking because it's prohibit -- from drinking abtans interest -- abstains from drinking alcohol because it's prohibited by the church. >>> bolt a man has been -- a man is 36-year-old gregory stegall and a officer was on patrol when he noticed a suspicious man behind the shell. he asked the man to come out from behind the business and he refused and police say he threatened the officer with a knife. the man was shot
. >> they could have had a more popular message about cutting deficit spending, right? >> the truth is they would have been a lot better off taking the deal that boehner was negotiating with president obama way back when. it was a better deal all the way around. they missed that moment. but i think the real thing is who pays the price. the people who are going to pay the price are the americans, the middle class. this is crazy. it's nuts to be putting us through this. >> all of the focus on tax cuts. but the revenue from increasing the taxes on the wealthy will barely make a debt in the deficit to say nothing of the trillions in debt we're talking about. is this just a symbolic fight this the president is determined to win off his election? >> it's not symbolic. there will be money raised if the taxes are left to expire. but let me just bring up a point. no democrat and certainly not this president has said there should be no spending cuts. on the contrary this president has put on the table an extraordinary amount of spending cuts to the chagrin of many democrats i might add. are they to the ext
deficit spending, right? >> the truth is they would have been better taking the deal that john boehner negotiated with president obama way back when. they missed the moment. i think the real fear is who pays the price. i think the republicans has a point but will pay the price and the real people that will pay the price are the americans, the middle class. it is crazy to put us through this. >> all of the focus on tax cuts but the revenue from increases the taxes on the wealthy will barely make a dment the deficit to say nothing of the trillions of dollars in debt we are talking about. it is a symbolic fight the president is determined to win off of his re-election. >> it is not symbolic. there will be money raised if the tacks for the top 2% are left to expire. let me bring up a point. no democrat and certainly not this president, has said there should be no spending cuts. on the contrary. this president has put on the table quite an extraordinary amount of spending cuts to the sh grin of many democrats, i might add. are they to the extent the grand bargain was several months ago last
the groundwork for deficit reduction and the president saying he remains hopeful that something can get done before the all-important january 1st deadline and i am told by sources at the white house that this will be a working vacation for the president. >> working in terms of what you have just learned kristen, and that is that the president, i understand, will be going to a memorial service for the late senator daniel inouye. >> reporter: that's right. president obama and the first lady will be attending that memorial service tomorrow. as you remember, on friday president obama spoke at a memorial service in d.c. for senator inouye. he praised his service as a world war ii veteran, praised him for his long service in congress and also talked about the fact that he has a personal connection to senator inouye, president obama raised partially here in hawaii. he called the senator one of his earliest political inspirations and talked about the fact that as he traveled to the mainland as a boy of 11 years old he watched senator inouye in the watergate hearings. we don't expect president obama
of more economic growth and deficit reduction. guys, i can hear you over here. i believe such proposal could pass both houses with bipartisan majorities, as long as those leaders allow it to actually come to a vote. if members of the house or the senate want to vote no, they can. but we should let everybody vote. that is the way this is supposed to work. if can you get a majority in the house, then can you get a majority in the senate, then we should be able to pass a bill. so the american people are watching what we do here. obviously their patience is already thin. this is deja vu all over again. america wonder yes it is that in this town for some reason, you can't get stuff done in an organized timetable, why everything always has to wait until the last minute. well, we're now at the last minute. and the american people are not going have any patience for a politically self-inflicted wound to our economy. not right now. the economy's growing but sustaining that trend is going to require elected officials to do their jobs. the housing market is recovering but that could be impacted i
serious about cutting the defsht and deficit? >> this is, look, this is the greatest irony of this entire discussion. and it is getting lost too much i think in the sometimes in the weeds of the back and forth negotiations. remember, the reason that we're doing this is because this grew out of the 2010 elections and debates over raising debt ceiling that following summer, 2011. the entire purpose was to reduce the size and scope of government in a way responsible to the voters of that midterm election. instead what we're almost certain to see is an expansion of government in the name of reintroducing it. we're likely to see much bigger government long term. we're not likely to deal with entitlement reforms as we need to do. as you suggest the president is pushing some short-term spending increases often in washington turn into long-term spending increases. gregg: but, steve, bill kristol, conservative, you know what, time to throw in the towel. you do not want to get blamed for raising taxes on 98% of americans. >> right. gregg: right? >> look, bill kristol is my boss and editor at "the w
, and lays the groundwork for further work on both growth and deficit reduction. that's an achievable goal. that can get done in ten days. >> reporter: you hear we are talking about the words "achievable goals." the reality here is we have fewer days to work with, less talk about some sort of a grand compromise, and more talk about trying to do something to get things done for americans. randi? >> what do you make of the language and tone? i mean, is any sense of a deal sort of evaporating judging from what we're hearing from both sides, tough talk? >> at the very least, we aren't hearing a lot of warm words between the two toward each other. we know they've been working on this for weeks. you just don't hear that thawing when you hear them talking as they did just within the past 24 hours. shows a lot of work to be done in the next few days. how much is behind the scenes when they're divided geographically is the part we don't know. >> yeah. the president certainly also asking -- suggesting that everyone needs time to cool down. will this new proposal pass with republicans, do you think?
and there will still be an enormous amount of work to do both on deficit reduction and tax reform, not to mention dealing with massive spending cuts which by most accounts are not likely to be involved in the agreement. don't know that for sure, but that's our understanding going in, martin. >> i think it's a safe bet. both sides have different wants. so what's holding these two sides apart when the this he know that so very much is on the line for everyday americans? >> it's a great question. i mean, what's really holding them apart are massive ideological differences. this is about government's role in your life. democrats want more of a social safety net, republicans prioritize lower taxes. and that's what distinguishes the democratic and the republican parties sop so that's what they're fundamentally fighting about. if you break it down to the basic deal points right now, democrats say this smaller deal should include a tax increase for households that make $250,000 and more. an extension of unemployment benefits as you pointed out for about 2 million americans, a delay of those massive spend
's the longer term federal deficit and then the shorter term impact on the economy. we'll have that first, right? the markets will go down and economic confidence will continue to slide. money will be taken out of the economy. so there's an economic impact right now. why should they deal with this crisis when the bigger crisis they couldn't come together tlen. sorry starbucks. they didn't come together before either. what do you do about deficits? the truth is doing nothing at this point is the best impact they can have on deficits, because taxes will go up, spending will go down. that's the point of this deal. so to come to your point, yeah, i guess they could suddenly hug each other and do had this dance, but the reality is there are a lot of people who think, what we are dealing with is deficits because the budget looks better and we'll deal with the economy some other way. >> doing nothing is what they do best. mike, before we let you go, ed mackey malden running for the united states senate in massachusetts. >> he's never run statewide. do you agree with this? i think scott brown is smiling
, because when g.o.p. is in the white house, deficits don't matter. can you tell us a little bit about the philosophies of the two candidates? well now, the president and the ex-candidate. will the situation be that much different if there was a different man in the white house? guest: well, look, it's an interesting question. it is certainly true that tax policy was one of the key sort of issues in the last election. and actually, the debate that we're having if it sounds familiar, it's because we've had it several times before. it was really a similar debate to what we had in 2008. we had the same debate in 2010. we had a similar debate in 2011 when we were dealing with the debt ceiling issue the first time around. and we dealt it with it in the last election. and the differences have always been that president obama has maintained that tax cuts should be allowed to expire for people making more than $250,000. mitt romney called for extending all the tax cuts fully. and making other changes to the tax code. but, you know, i mean, he wouldn't be in office right now anyway. so i think
, if we want to make a dent in the deficit. i mean this is the choice that is going to be in front of us. if, we have to do four things if we want to reduce the deficit. we have to get more revenue, we have to cut domestic spending, we have to trim and reform the health care programs in particular of medicare and medicaid and we have to cut defense. if we do all four of those things we can make significant down payment getting deficit under control. if we do some of them, the numbers are not there enough to make as much progress as we want. this is where mark and i agree. over next six to nine months we could see substantial progress towards smart fiscal policy in the country if the two parties come together. heather: we'll see what happens. thank you both very much for joining us until monday night. thank you. >> merry christmas. happy new year. [heavy breathing]. gregg: boy, remember that, video from april of 2011. monster tornado tearing through tuscaloosa, alabama, devastating the community and alberta baptist church. ever since then the church's pastor has been fighting insurers and
to a head in the summer of 2011. republicans demand the government reduce its deficit as a condition for raising the nation's debt ceiling. without a deal, the u.s. would lose its ability to borrow money. both democrats and republicans deploy scorched earth tactics that nearly shut down the government and ultimately cost america its aaa credit rating for the first time in history. >>> but in a last minnesota minute compromise, both sides agree to $1 trillion in spending cuts up front, and another $1.2 trillion in cuts to be decided by a special congressional super committee. but a poison pill was attached. if the super committee can't reach a deal, automatic across the board cuts known as the sequester would go into effect, starting january 2013. at the exact moment when those bush tax cuts extended for two years, if you remember, would expire. so the point is, we could have all seen this coming and some of us did. we yelled at the top of our lungs about it, but we were drowned out by the election. it seems common sense and good governance often get drowned out by seemingly endless a
victory instead it was the lakers to came back from a 14 point deficit. they beat the warriors in overtime, 118- 115 kobe bryant, no surprise lead all scorers with 34 points. >> still ahead on kron 4 news weekend we are keeping an eye on the weather. this live look as you can see wet weather and wind. mike pelton will give us an update. >> we left a little hot dog place, we went to victoria secrets, h and m. banana republic, basically every store. >> like see if there procrastination let to the discounts. >> of nassau and beyond the biggest stories of 2012. >> this is corta madera we have been following the rain and its started there in the north bay. to get you more news faster, our solo reporter, mike pelton. mike, you are at the shopping center. >> isabel, this is one of the worst i have seen it. very nasty conditions that the wind is picking up. as i panda the camera out. this construction cohn just went flying across just to give you an idea of the conditions. let me show you a video of the last several hours. there rain is continuing to pound but on the screen it has been like this a
insurance for 2 million americans and lays the groundwork for further work on both and deficit reduction. >>reporter: the remarks came after house speaker john boehner failed to muster enough of his party's support to bring his "plan b" to the floor. his proposal would have effectively raised taxes only on those americans making more than one million dollars a year. >> we had a number of our members who just really didn't want to be perceived as having raised taxes. >>reporter: the two sides each left the capitol for the christmas holidays, blaming the other for inaction. democrats said thursday's failure in the house pointed to a need for more compromise by the g-o- p. >> house republicans have gotten the message loud and clear that a comprehensive solution to the looming fiscal cliff will need to be a bipartisan solution. >>reporter: senate republican leader mitch mcconnell said the next move needs to come from the president. >> he is the only one that can do it. this isn't john boehner's problem to solve. >>reporter: without a deal, steep tax hikes and massive government spending cuts
. that plan would have dealt with tax reform and deficit reduction and this will be a much more scaled back version that will deal with the issue of taxes and that is still the big sticking point, taxes. of course, democrats and president obama have called for tax rates to increase on those making $250,000 or less. republicans have said that's way too low. so they're thinking about potentially compromising on a rate that would be $400,000 or $500,000, but some republicans are saying they don't think that the tax rate should go up on anyone. so taxes still the major sticking point. right now the negotiations are going on the hill and there's a lot of optimism that came from the talks yesterday. of course, president obama hosted congressional leaders at the white house and they left that meeting and many said that it was constructive and they were optimistic that a deal could get done and i've been talking to my sources today and that same optimism isn't really present right now. there's more skepticism about a deal getting done and it is still very early in this process and this is a fluid s
a deal that would include deficit reduction and tax reform. that has fallen apart. so there is a big question mark about what happens now. how they move forward. president obama boarded air force one friday evening with his family. as they left for hawaii. but a little earlier in the day, he met with senate majority leader harry reid and spoke with house speaker john bainer and addressed the nation on the topic of avoiding the fiscal cliff. called on lawmakers to compromi compromise, to get a deal done. he acknowledged time has run out for getting a larger package. what they need to focus on now is getting a smaller deal that will avoid taxes from going up on middle class americans. meanwhile, a very rough friday for house speaker john boehner, really spent most of the day, explaining what has been views as a political blow, when on thursday, many republicans refused to back his plan b. that is speaker boehner's alternative plan for avoiding the fiscal cliff and called for allowing rates to go up on those making $1 million or more. here is a little more of what house speaker john boe
for further work on both and deficit reduction. >> pam: this comes after house speaker john boehner failed to gain enough of his party's support. to his "plan b". his proposal would have raised taxes only on those americans making more than one million dollars a year. without a deal, steep tax hikes and massive government spending cuts are set to trigger after january first. as the fiscal cliff countdown continues. house and senate members have already recessed for the holidays. >> president obama will nominate senator john kerry as the next secretary of state. he made the announcement at the white house today. current secretary of state hillary clinton is stepping down in january.u-n ambassador susan rice was reportedly on the short list, but took herself off it, citing a "lengthy, disruptive, and costly" confirmation process after republicans took issue with her remarks on the deadly benghazi attack killed 4 americans in libya. >> and after the president's busy day. he and the first family are now heading for hawaii. the president, first lady and their two daughters boarded air force one
change in order to deal with the deficit. but remember, the president has his pressure points, too. you have members on the left in the house, progressives that believe, you know, medicare should not be touched, social security should not be touched. so the president -- you know, and he's got to deal with that part of his base who came out and made him a two-term president. >> so, david drucker, then, do you think the gop, that they want to go over the fiscal cliff because then when they come back in january and there's any talk about changing things up, it's going to be to reduce the taxes? they can go on record, well, we reduced taxes. is there any reason for the president and congress to come back to work in washington the day after christmas? >> you know, well, they have to try or they have to at least show that they're trying. i think that both democrats and republicans in congress agree on at least one thing, and that's that a bad deal is better than no deal. of course both sides have different versions of what a bad deal would mean. some republicans think let's go over the cliff
on deficit reduction. if they can agree by monday at midnight, the following cut take effects. over the next nine years, the u.s. defense budget would be reduced by $455 billion. domestic programs would be slashed by 464 billion. 1,000 government programs face potential cuts, including three that directly impact air travel. john bentley has the story. >> reporter: long waits at airport security are nothing new. but if the u.s. government goes over the fiscal cliff, they could get even longer. according to one congressional analysis, the transportation security administration would lose more than $640 million in funding, roughly 7% of out budget. t.s.a. with would also lose over 7,000 security officers. safety would not be compromised. the passenger misery would increase. >> it could be a severe impact on the traveling public. instead of maybe one hour, you may be there two or three hours before. >> reporter: long lines would be the least of the problems. under the mandatory cuts of the fiscal cliff, the federal aviation administration would lose $800 million, and more than 2,000 air traffic
. for the last few weeks, i have been working with the leaders of both parties on a proposal to get our deficit under control, to avoid tax cuts -- to avoid tax hikes on the middle- class. and to make sure we can spur jobs and economic growth. a balanced proposal that cuts spending, but also ask the wealthiest americans to pay more, a proposal that will strengthen the middle class over the long haul, and our economy over the long haul. in the course of these negotiations, i offered to compromise with republicans in congress. i met them halfway on taxes and more than halfway on spending. today, i am still willing to get a comprehensive package done. i still believe that reducing our deficit is the right thing to do for the long-term health of our economy and the confidence of our businesses. i remain committed to working towards that goal, whether it happens all at once, or whether it happens in several different steps. but in 10 days, we face a deadline. in 10 days, under current law, tax rates are scheduled to rise on most americans. and even though democrats and republicans are arguing about
kind of deficit the losers are facial as we go into the new year. "squawk on the street" is back in a minute. [ male announcer ] feeling like a shadow of your former self? c'mon, michael! get in the game! [ male announcer ] don't have the hops for hoops with your buddies? lost your appetite for romance? and your mood is on its way down. you might not just be getting older. you might have a treatable condition called low testosterone or low t. millions of men, forty-five or older, may have low t. so talk to your doctor about low t. hey, michael! [ male announcer ] and step out of the shadows. hi! how are you? [ male announcer ] learn more at isitlowt.com. [ laug hey! [ male announcer ] it's that time of year again. time for citi price rewind. because your daughter really wants that pink castle thing. and you really don't want to pay more than you have to. only citi price rewind automatically searches for the lowest price. and if it finds one, you get refunded the difference. just use your citi card and register your purchase online. have a super sparkly day! ok. [ male announcer ]
or deficit. to destroy the republicans in the house. create a civil war. that is what he did. he would not compromise on tax rate. he himself said a year ago. but he insisted on the rates knowing it would cause the kind of civil war in the house. the objective now of fracturing the one element in washington this could stop the agenda in the second term succeeded. he put out the patch plan to raise rates on those earning $250,000 and extend unemployment. if that is the bottom line he will propose it. the republicans decide he wins either way. he passed it in the house or he will blame going over the fiscal cliff on the republicans if they resist. completely in the driver's seat and he will l decide what is on the table at december 31 at 11:00 at night. >> let's look at the national debt clock. we surpassed the $16 trillion mark. $16.4 trillion. interest on the debt is huge. thereon what bayh boy said recently. >> servicing the debt hard now. this is interest rates at record lows. god forbid something should happen to cause interest rates go up a littlement we have seen nothing yet. inte
the hardest part. back to the 1980s when the deficits have started to explode, there have been four or five pieces of legislation over the past 30 years dating back to hollings that was the first sequester. the republicans in the house of representatives, they feel they were elected in 2010 to come here and cut spending. dealing with the tax increases, that's a smaller piece. and that seems to be the focus of these talks right now. getting everybody's hands wrapped around the spending component which again the super committee was supposed to take care of last year, they failed. the budget control act, other provisions, all of these things have failed because nobody wants to give. and that's why it is going to be tough to get this through the house of representatives because these republicans are locked in. they say, look, we have cut some spending here this past year. but it was not cut enough. it was not cut deeply enough. they say hold on, we have already cut. that's the longer heads. getting this through the house will be an uphill climb. >> and statistically, when you look at the survey
and deficit reduction. that's an achievable goal. that can get done in ten days. >> yesterday the house speaker john boehner failed to garner enough support from his own party to even hold a vote on his plan to raise taxes for those with an income over $1 million. >> while we may have not been able to get the votes last night, to avert 99.81% of the tax increases, i don't think they weren't taking that out on me. they were dealing with the perception that somebody might accuse them of raising taxes. >> "outfront" tonight, chief white house correspondent jessica yellin and dana bash. ladies, nice to see both of you. jessica, we'll start with you. the president's message was short and sweet and kind of basic. what do you think is different this time around in what he is saying? >> well, what's different is it is less than two weeks until the new year and the president is about to leave for hawaii, and congress is going to be gone for christmas, too, and you know there is no more effective motivator for capitol hill than pressure, and they have it right now. what the president has done tod
million americans, protect middle america the middle income americans and also work on deficit reduction. >> the president solution would still leave red ink as far as the eye could see. and difficult for jobs. >> this is it difficult for the brink of perpetual gridlock. >> this is likely that we will go over the fiscal cliff and not and if we allow that to happen. would be the most concord consequential, terrible act of gridlock. >> president obama is in hawaii but could possibly cut his vacation short to hammer out a deal. >> thousands of nurses will walk off the job today at nine bay area hospitals. nurses with sutter health's alta bates summit medical center are asking for negotiated labor contracts care protections. such as staffing levels, health benefits, and sick days. strikers say hospital officials want to reduce the number of paid sick days for nurses and technicians, while eliminating health care coverage for those who work fewer than 30 hours a week. >> analysts say many shoppers haven't been in the holiday spirit when it comes to spending money. the four-day black friday we
and deficit reduction. that is and achievable goal. that can get done in ten days. once this legislation is agreed to, i expect democrats and republicans to get back to washington and have it pass both chambers. and i will immediately sign that legislation into law before january 1st of next year. >> today, house republicans passed a motion to adjourn until december 27th, that leaves speaker john boehner just four days to convince house republicans to support a deal to avert the fiscal curb, all while trying to preserve his speakership. >> last week i asked you if you were concerned about using your speakership. if you're not concerned, shouldn't you be? >> no, i'm not. and while we may have not been able to get the votes last night to avert 99.81% of the tax increases, i don't think -- they were not taking that out on me. they're dealing with the perception that somebody might could -- accuse them. >> you have great sources in washington, could you please tell us what president obama said to john boehner during their phone call? >> i wish i knew, i don't have that good of sources, but i
for deficit reduction in the future. i think you will see president obama cut his vacation short, and continue to play a role in those negotiations. richard. >>> kristin, over the weekend, he attended the funeral for the late senator inouye, who he has called an inspiration to him. what did you see in that service? >> well, more than 20 members of congress attended, mostly democrats, majority leader harry reid spoke and praised senator inouye for his partisan spirit, reaching across the aisle. of course in an earlier memorial service, the president called the late senator his earlier inspiration, on a a lot of members of congress came together to pay their respects. >> thank you, kristin. >>> if congress and the president fail to reach a deal, the impact is as unlikely as immediate as the term "fiscal cliff" seems to imply. the expiration of the tax cuts with a $2200 average tax high. the payroll tax cut would also expire meaning another $40 a paycheck and long-term unemployment benefits would end for 2 million americans. while these elements could have a recession-inducing effect, they could
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